Toreador confirmed that final preparations are underway to implement a comprehensive "proof of concept" drilling program that targets the Paris Basin Liassic resource play. Toreador reaffirmed the details as follows:
As discussed in Toreador's operational update issued on January 3, 2011, Toreador is still awaiting the execution and publication of the decrees relating to the renewal of the Châteaurenard Concession and of the Saint-Firmin-des-Bois Concession. On the basis of the prior information provided by French authorities Toreador continues to believe that the concessions will be renewed retroactively to January 1, 2011, and continue to operate on such concessions.
The renewal of these conventional oil concessions is not related in any way to Toreador's exploration permits, on which Hess and Toreador agreed to carry out shale exploration work under the investment agreement dated May 10, 2010.
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